External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Mirae Asset Securities Co.,Ltd. provides comprehensive wealth management services. The Company offers fixed income securities brokerage, securities dealing, equity underwriting, and other services. Mirae Asset Securities also deals with mergers and acquisitions, foreign currency, and financial derivatives

Thematic (Sector/Industry)

<ul><li>We expect AI adoption to drive meaningful price, volume, and cost improvements in 2026, supporting strong momentum in the ad segment.</li><li>E-commerce growth has also been rebounding since 3Q25.</li><li>Our top pick is NAVER due to its attractive valuation. Our target price (W410,000) is based on a P/E of 29x (vs. current 2026F P/E of 18x).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We expect AI adoption to drive meaningful price, volume, and cost improvements in 2026, supporting strong momentum in the ad segment.E-commerce growth has also been rebounding since 3Q25.Our top pick is NAVER due to its attractive valuation. Our target price (W410,000) is based on a P/E of 29x (vs. current 2026F P/E of 18x).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Mirae Asset Minutes [2025: Volume 22]Biweekly strategy meeting recap

<ul><li>With the BOK expected to keep the base rate unchanged through 2H25, market interest rates have begun to rise. This is favorable for banks’ NIMs.</li><li>Amid tightening regulations on household loans, banks are seeking to sustain loan growth by expanding SME lending.</li><li>The recent improvement in credit cost ratios is positive. And with non-interest income, CET1 ratios, and shareholder returns all improving, we see further upside to shareholder return ratios.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

With the BOK expected to keep the base rate unchanged through 2H25, market interest rates have begun to rise. This is favorable for banks’ NIMs.Amid tightening regulations on household loans, banks are seeking to sustain loan growth by expanding SME lending.The recent improvement in credit cost ratios is positive. And with non-interest income, CET1 ratios, and shareholder returns all improving, we see further upside to shareholder return ratios.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Mirae Asset Minutes [2025: Volume 21]Biweekly strategy meeting recap

External broker reports(aggregated public sources), Daishin Securities

Daishin Securities

Founded in 1962, Daishin Securities is a leading financial services provider in Korea. Daishin securities does its best to provide high quality financial service and to satisfy the various needs of investors. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>4Q24 consolidated revenue came in at W496.1bn (+13.5% YoY), with operating loss of W19.0bn (swing to loss)</li><li>R&amp;D expenses surge by 93% on new pipeline introduction and clinical trial initiation</li><li>Eyes on MARIPOSA mOS interim data set for release in March, setting aside disappointing earnings</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

4Q24 consolidated revenue came in at W496.1bn (+13.5% YoY), with operating loss of W19.0bn (swing to loss)R&amp;D expenses surge by 93% on new pipeline introduction and clinical trial initiationEyes on MARIPOSA mOS interim data set for release in March, setting aside disappointing earningsContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Yuhan Corporation (000100 KS Feb 13, 2025) - Eyes on Upbeat Prospects

South Korea

Yuhan Corporation manufactures and markets various pharmaceutical products on its own and through joint ventures with other global pharmaceutical companies. The Company also produces personal care products, dietary supplements, and veterinary medicines.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Yuhan Corp (000100 KS)

Mirae Asset Minutes [2025: Volume 22]Biweekly strategy meeting recap

We expect AI adoption to drive meaningful price, volume, and cost improvements in 2026, supporting strong momentum in the ad segment.

Mirae Asset Securities

Mirae Asset Minutes [2025: Volume 21]Biweekly strategy meeting recap

With the BOK expected to keep the base rate unchanged through 2H25, market interest rates have begun to rise. This is favorable for banks’ NIMs.

Mirae Asset Securities

Yuhan Corporation (000100 KS Feb 13, 2025) - Eyes on Upbeat Prospects

4Q24 consolidated revenue came in at W496.1bn (+13.5% YoY), with operating loss of W19.0bn (swing to loss). R&D expenses surge by 93% on new...

Daishin Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)